SINGAPORE: UOL and Singapore Land Group (SingLand), through their joint venture 388 Property Trust, have acquired a 50% share in 388 George Street, a 30-storey Grade A commercial building in Sydney, for S$390 million, as reported by Singapore Business Review.
This brings their total Australian property holdings to seven, including commercial and hospitality assets.
The 30-storey Grade A freehold commercial building, purchased from Brookfield, marks the joint venture’s first commercial property in Sydney’s Central Business District.
UOL and SingLand will co-own the building with Investa Gateway Offices Fund (IGO) partners, Link Asset Management, and Oxford Properties Group.
Shirley Ng, UOL’s Chief Investment Officer (CIO), said they see “great potential” in 388 George Street due to its prime location at the heart of Sydney’s business and cultural activities.
She added that the acquisition supports their strategy to expand their presence in Australia and strengthen recurring income streams, contributing to the group’s growth. /TISG
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